Issue pink book if qualified
Accordingly, hotel apartments, resort apartments (condotel), officetel, resort villas and other works serving accommodation and tourism on commercial and service land, if qualified, will be granted certificates (pink books).
This Decree supplements a number of articles of Decree No. 43/2014 detailing the implementation of a number of articles of the Land Law. In particular, it supplements regulations on granting pink books according to the purpose of using commercial and service land for construction works used for accommodation and tourism purposes according to the provisions of the law on tourism on commercial and service land.
To be granted a pink book, these projects must meet the conditions prescribed by law on land, construction, and real estate business.
Land use term as prescribed in Clause 3, Article 126 and Clause 1, Article 128 of the Land Law. The owner of the construction work is responsible before the law for meeting all conditions.
Resort real estate will reign
The Decree also stipulates that after completing the project, the investor is responsible for submitting to the Department of Natural Resources and Environment documents such as: certificates of land use rights, house ownership rights and other assets attached to the land; documents proving the fulfillment of financial obligations of the project owner. In case of changes in financial obligations, documents proving the fulfillment of financial obligations for such changes must be submitted (except in cases of exemption or late payment as prescribed by law).
Along with that, the investor must submit design drawings, notice allowing the investor to accept the construction items, list of assets including information on asset names, land area, construction area for common use, private use of each asset.
Unblocking the resort real estate market
This regulation will remove legal bottlenecks for businesses and buyers of condotel apartments, officetels, resort villas and other works serving accommodation and tourism on commercial and service land.
According to statistics from the Ho Chi Minh City Real Estate Association (HoREA), by the end of 2022, for condotels alone, the whole country will have about 83,000 units waiting for pink books, most of which are in resort areas, using commercial and service land funds with a term of 50 - 70 years.
In fact, for over 10 years, buyers have not been granted red books for their apartments. This makes customers and investors extremely confused and worried about the fate of the project and their apartments, not knowing where they will go.
Tens of thousands of officetel apartments will be granted pink books
Mr. Le Hoang Chau, Chairman of HoREA, said that condotels are mostly located in high-rise buildings in resort areas, using commercial and service land with a maximum term of use of 50 years, and in special cases, no more than 70 years. Land laws have allowed competent state agencies (provincial level) to issue red books for construction works that are not residential.
However, over the past 10 years, this type of construction has not been implemented according to regulations. Only a few provincial People's Committees have issued certificates of land use rights for non-residential units (long-term stability) for condotel apartments, but have been "whistled" by competent central agencies, accusing them of issuing certificates contrary to the provisions of the Land Law.
Therefore, Decree No. 10 will "unblock" the real estate market of condotel apartments, officetels, resort villas and other works serving accommodation and tourism on commercial and service land. From there, it will attract huge domestic and foreign resources to invest in this apartment segment.
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